Paxful enlightens Nigerians on the use of Bitcoin

Gold plated souvenir Bitcoin coins are arranged for a photograph in London on November 20, 2017.<br />Bitcoin, a type of cryptocurrency, uses peer-to-peer technology to operate with no central authority or banks. Bitcoin’s recent rise and booming investor interest is forcing the regulatory and stock market authorities to formulate an official position on bitcoin and other virtual currencies, which are controversial not only because of their speculative nature, but are also seen as vehicles for illegal activities. / AFP PHOTO / Justin TALLIS

Despite the Nigerian financial regulators aversion to it, Bitcoin has continued to gain more popularity and acceptance globally, even in Nigeria, as more people now prefer to do their financial transactions using this unique form of money.

In a bid to help educate Nigerians on how to make the best use of this new form of money (bitcoin), and help them transact business online without limitations, Paxful Incorporated launched the Blockchain and Cryptotalk, in Lagos.

Paxful Chief Executive Officer (CEO), Ray Youssef, said: “Paxful is a global marketplace for Bitcoin. We solve a problem for vast amount of people that cannot transact online due to restrictions in place by their local government on foreign currencies, lack of access to financial services and generally helps people swap crypto currencies for over 300 payment methods.

People can start their own financial business and profit from selling. Our aim is to educate Nigerians on how to start their businesses and how Bitcoin can help solve financial problems. Paxful Bitcoin is a flexible tool to help you store money.”

He also explained that “Bitcoin is a way of sending money just like sending an email. To maximise its presence, Youssef said the company is reeling out its brand image and plans to open a Paxful office in Nigeria soon, for easy interaction with our community.

“Our biggest markets are currently in the U.S. and Nigeria. However, we are seeing highest growth in Africa, as we are bringing financial inclusions to many countries where people are largely unbanked or under-banked through blockchain-tech.

The community of bitcoin users is fast growing and Paxful is here to ensure support to existing users and educate new entrants on the opportunities for entrepreneurs and individuals,” Youssef added.

Also, Paxful Chief Operating Officer (COO), Elliott Hoffman, noted that to buy bitcoin, “buyers must first of all, create an account and instantly receive a free e-wallet from Paxful, enter how much you would like to spend, and choose your payment method, compare seller rates and choose a sender.

Lastly, initiate a live chat with that seller to agree on terms and complete your purchase.